this post was submitted on 10 May 2024
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If there's no corresponding regulation on rent prices, minimum wage is irrelevant.
Raise the minimum wage to a bazillion dollars? Great! Rent is now three hundred bajillion!
Raise the minimum wage to $25/hr, tie it to inflation... Use the $67billion a year spent on section 8 housing to build people houses which they end up owning, instead of shoveling all that money into slumlords' pockets. Flood the housing market with supply to keep the prices down, even as people are able to afford more.
I fully believe this would cause runaway inflation as wages only went up and up as the majority of americans have more money and thus prices can be raised. This cycle would constantly repeat as raised prices cause a raise in wage until the american dollar is worthless and we're all making millions or billions of dollars a year which adjusted to inflation... is like today's $15/hr. Interest rates for loans would skyrocket to an unfathomable percentage as double digit inflation remains y/y.
The billionaires would quickly turn into trillionaires and quadrillionaires as their investments rise in price proportional to inflation.
https://fortune.com/2023/05/30/inflation-worker-pay-not-a-major-cause-fed-study/
https://archive.riksbank.se/Upload/WorkingPapers/WP_159.pdf (PDF Warning)
https://www.upjohn.org/research-highlights/does-increasing-minimum-wage-lead-higher-prices
https://www.reddit.com/r/explainlikeimfive/comments/10rjsvn/eli5_how_does_raising_wages_worsen_inflation/
Please don't believe BS.
Inflation is happening anyway... Prices keep going up and up regardless of whether pay increases enough for people to afford them
So basically the idea is to just make everyone make the same amount of money unless they are very rich, in which case they are going to have their total compensation pegged to 300x+++ of minimum (or some other absurd number.)
It's all bullshit man. Crazy minimum wage hikes are never going to become law in the united states.
I'm glad someone made this point. Raising the federal minimum wage too fast is a great way to cause inflation. Control rent and interest rates and creep minimum wage up in steps, going to $15 federal would be great for a while but isn't a stable solve. We can start establishing a living wage economy slowly, especially where many states still tax food and health essentials. $7.25 is embarrassing, but funnily enough, it is still the 17th highest across all countries.
Your defeatism is toxic and not supported by evidence.
So I'm curious. When you feel compelled to shit on some random Internet stranger with no apparent substantiation beyond general anger, do you prefer virtual toilet paper or a digital bidet?
You tell me I've no evidence, and that's pretty much true as I'm just making a casual remark, but you're taking it upon yourself to verbally attack me with words like toxic without providing any basis yourself.
The rest of this conversation is level headed, some agreeing, some disagreeing, some expanding on the thought.
But you've just got to scratch that Internet hemorrhoidal itch.